Is it compulsory for a SA community corporation to have a 10 year sinking fund plan?
There is no legislative requirement for a 10-15 year type sinking fund plan in South Australia.
For this one, my understanding is as follows:
The Community Titles Act 1996 (SA), under section 116 states the community corporation must establish an administrative fund and a sinking fund. However, there is no legislative requirement for a 10-15 year type sinking fund plan in South Australia.
It’s worth mentioning in many other states it is mandatory and should be a serious consideration for the community to engage a suitably qualified professional to ensure the future capital expenditure needs of the community are met.
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Zac is a Certified Quantity Surveyor of the Australian Institute of Quantity Surveyors. He has over 15 years experience consulting to the Strata industry, all over Australia. He founded GQS in 2017 through relying on his expertise and experience across many facets of Quantity Surveying and has since led the team to now have consulted to over 10% of all community title schemes in QLD. He has a reputation for a highly professional results-driven approach and has led project teams on the firm’s largest and most challenging projects. He is committed to helping his clients and ensuring they receive maximum benefit from GQS' experience and data led approach. Zac is very passionate about what he does and how his team can benefit a property with certain and accurate advice.
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